Within the supply and demand concept, demand refers to the ....

quantity of a product or service that is wanted by buyers.

Opportunity cost represents....

an alternative given up when a decision is made.

In economics, 'needs' are?

Something for survival such as food and water

Importing and exporting is:

goods or services traded between countries

Within the supply and demand concept, supply is....

the quantity of a good or service that is available

A famous economist who argued in favour of a free market

The unemployment rate is:

The % of the population of working age, looking for a job

A free market economy is best explained as...

economy based on supply & demand without government control

You can't be a business unless...

you're selling goods or services to supply needs or wants

In economics, services are:

a product that can't be touched such as a haircut or massage

In economics, goods are:

a tangible item that satisfies wants or needs

in economics a 'want' is:

a thing someone would like to have but does not need

The best way to explain economics, is....

How we make choiceswithresources for our needs and wants

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Economics and Business introduction

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The basics of economics

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Questions 13

Answers

1
Within the supply and demand concept, demand refers to the ....
number of jobs available to the workforce
the number of people in the market place
price gap between different products
quantity of a product or service that is wanted by buyers.
2
Opportunity cost represents....
the opportunity to make a profit in business
an alternative given up when a decision is made.
the best opportunity for the consumer
the cost of bulk-buying products
3
In economics, 'needs' are?
Something for survival such as food and water
Tangible items like a car, bike or computer
The link between imports and exports
Buying and selling goods to trade
4
Importing and exporting is:
The buying of goods from overseas
goods or services sold for profit between businesses
goods or services traded between countries
Purchasing overseas products not available in your country
5
Within the supply and demand concept, supply is....
the quantity of a good or service that is available
the quantity needed for the market
the number of people in a workforce
the cost of a good or service
6
Who is Adam Smith?
A famous economist who argued in favour of a free market
A politician who set strict government rules on spending
an economist who argued that government should control trade
A famous inventor of coins and bank notes
7
The unemployment rate is:
The % of the population of working age, looking for a job
People choosing not to work
all people in a country who are not working
The % of the population working or studying
8
A free market economy is best explained as...
Where the government supports small business to survive
economy based on supply & demand without government control
Where the price of things is set by the banks and government
an economy that is controlled by the government
9
You can't be a business unless...
you're selling goods or services to supply needs or wants
you're trading products to the community
people are employed and work for an income
You're making a profit
10
In economics, services are:
small products for community trade and markets
Government spending on infrastructure
Places that buy and sell fuel for energy
a product that can't be touched such as a haircut or massage
11
In economics, goods are:
Something that is really, really good
worth more money than average items
a tangible item that satisfies wants or needs
people who work hard for businesses
12
in economics a 'want' is:
a thing someone would like to have but does not need
Similar to greed and being selfish
Things like food, water and shelter
Something needed for survival
13
The best way to explain economics, is....
How we make choiceswithresources for our needs and wants
all about money and saving for the future
How businesses trade goods and services
How governments spend taxes on the community

Economics and Business introduction Flashcards | StudBud